Roth Mkm Raises Reddit (NYSE:RDDT) Price Target to $130.00

Reddit (NYSE:RDDT) had its price objective raised by analysts at Roth Mkm from $120.00 to $130.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Roth Mkm’s price objective would suggest a potential upside of 15.03% from the company’s current price.

RDDT has been the topic of a number of other research reports. Bank of America dropped their price objective on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Oppenheimer initiated coverage on shares of Reddit in a research report on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. The Goldman Sachs Group cut their price target on shares of Reddit from $185.00 to $124.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Morgan Stanley decreased their price objective on Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $142.30.

Reddit Stock Performance

NYSE RDDT opened at $113.01 on Friday. Reddit has a one year low of $46.75 and a one year high of $230.41. The company has a market capitalization of $20.44 billion, a price-to-earnings ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. The company’s 50-day simple moving average is $116.82 and its two-hundred day simple moving average is $143.67.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Reddit’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($8.19) earnings per share. Equities analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 711,270 shares of company stock valued at $94,239,985.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC raised its stake in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after buying an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. grew its stake in Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC acquired a new position in Reddit during the fourth quarter worth $327,000.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.